Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.1
Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure 4. Segment Information
The Company’s Chief Operating Decision Maker (“CODM”) as defined under GAAP, who is the Company’s Chief Executive Officer, has determined the allocation of resources and assessed performance based upon the unaudited condensed consolidated results of the Company. The CODM uses consolidated net loss to assess financial performance and allocate resources. Accordingly, the Company is currently deemed to be comprised of only one operating segment and one reportable segment. This segment, which comprises the continuing operations of the Company’s single operating and reportable segment, provides geospatial intelligence, imagery and related data analytic products and services, of which the Company incurs costs and recognizes revenue on professional and engineering services including but not limited to, the development, integration, and operation of satellites and software platforms, as well as ground systems, that support the Company's primary imagery service subscriptions. The following table presents selected financial information with respect to the Company’s single reportable segment for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
2025 2024
Revenue
Imagery & software analytical services $ 16,829  $ 17,833 
Professional & engineering services 12,715  6,403 
Total revenue 29,544  24,236 
Costs and Expenses
Imagery & software analytical direct labor costs 552  693 
Imagery & software analytical direct materials costs 3,266  2,752 
Professional & engineering direct labor costs 2,166  3,023 
Professional & engineering direct materials costs 6,616  565 
Salaries and benefit costs 11,703  10,656 
Stock-based compensation expense(1)
2,757  3,148 
Other segment items(2)
7,227  5,468 
Depreciation and amortization 7,236  11,184 
(Gain) loss on derivatives (1,901) 254 
Interest income (573) (400)
Interest expense 3,343  2,634 
Other income, net (65) (1)
Income tax expense 30  70 
Net loss $ (12,813) $ (15,810)
(1) Relates to stock-based compensation within selling, general, and administrative costs.
(2) Other segment items included in net loss primarily includes selling, general, and administrative costs and research and development costs.
As of March 31, 2025 and December 31, 2024, the Company's segment assets, which are equal to the Company's consolidated assets on the unaudited condensed consolidated balance sheets, are owned and operated by United States entities and are classified within the United States. See Note 5—“Revenue” for additional information about revenue by geographic region.